Simon Smith, chief economist at FxPro summed up the volatility in a note to clients: "Geopolitical concerns have a habit of distorting the markets and in this case they could continue to do so for as long as the Ukraine issue remains in the headlines."

Meanwhile, gold prices are rising by almost 2% to nearly$1,345 per ounce as investors seek safe-haven assets.

The price of oil is also up, with Brent crude prices rising by 1.5% to nearly $111 per barrel.

"Russia's involvement clearly magnifies the scope for contagion and increases the possibility that global energy prices will be affected both directly and indirectly," wrote Stephanie Flanders, chief European market strategist for JPMorgan asset management in London.

Stocks closed mixed Friday -- the Dow Jones industrial average closed slightly higher and the Nasdaq ended down. The S&P 500 set a new closing record of just under 1,860, ending February on a high note. Overall, the S&P 500 added more than 4% in February, a rally that marks a turnaround from January's slump.

But whether the record streak continues in March largely depends on the economic data on tap this week, and how investors continue to view Ukraine's political crisis.